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The Impact of ASC 842 – The New Lease Standard Is Here

Construction Business Owner

It is time for contractors to get serious about the new accounting lease standard. 02 ASC 842 Leases, the new lease accounting standard issued by the Financial Accounting Standards Board (FASB). The prior accounting standard (ASC 840) only required capital leases to be included on the balance sheet. Accounting & Finance.

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Types of Capital for Construction Businesses

Levelset

The term capital is used across industries to represent all of a company’s financial assets, including cash, inventory, equipment, and more. Several different types of capital — working capital , debt capital , and equity capital — are common in the construction industry. Debt capital. 3 types of capital for construction.

Debt 97
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Real-Time Work-in-Progress Figures — Construction’s Secret Weapon

ProcurementExpress.com

Yes, WIPs are considered current assets – meaning, accountants consider inventory assets to be current, as they are expected to turn into cash within the year. WIP is one element of an inventory account. From an accounting perspective, WIP represents an asset on the balance sheet. ” username=””].

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Real-Time Work-in-Progress Figures — Construction’s Secret Weapon

ProcurementExpress.com

Yes, WIPs are considered current assets – meaning, accountants consider inventory assets to be current, as they are expected to turn into cash within the year. WIP is one element of an inventory account. From an accounting perspective, WIP represents an asset on the balance sheet. Click To Tweet.

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Unique Tips For Managing Cash Flow In Your Contracting Company

Contractor Bookkeeping

Construction Company cash flow is the movement of money in and out of your Construction Company; these movements are known in accounting circles as inflow and outflow. Note: A construction accountant is the best person to help you learn how your cash flow statement works. What Makes Up Your Construction Company Cash Flow?

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Optimize Vs. Maximize Construction Company Production

Contractor Bookkeeping

No matter what else you may believe about anything or anyone just know that everyone here at Fast Easy Accounting and our parent company Business Consulting and Accounting care about you, your family and your employees and will do everything we can to help you Level Up regardless if you ever become a client or not.

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How Do Construction Loans Work?

Work Gearz

Your lender may require fully-realized construction plans and complete details on everything from floor plans to timeline to an inventory proposed for the building. There are several criteria that traditional lenders will take into account regarding your qualifications for a construction loan. These are: 1.)